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. welcome back. i'm bill griffeth. we're going to get to those wild statements out of washington in a minute. you can see when they happen when we show you today's chart. speaker boehner's comments pushed the market lower. then other comments brought them back a little bit. the dow is up just 45 points right now at 13,030. the nasdaq also trading higher today. last i checked, it was up 21 points. there it is at 3,013. that's about the high for the session. the s&p is up about seven points at 1416. >> a bit of a roller coaster ride today after fiscal cliff comments from both parties. >> eamon javers on capitol hill is following the drama, which changes moment by moment. >> absolutely, bill. it's been a bit of a roller coaster ride, as you say, on capitol hill with duelling press conferences today. follow along with me here on what each person said from each party and how that impacted the market, starting with speaker john boehner. here's what he had to say early in the day. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real
after encouraging fiscal cliff talk from washington. listen. >> it's time for the president and democrats to get serious about the spending problem that our country has. but i'm optimistic that we can continue to work together to avert this crisis and sooner rather than later. >> i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. >> wow. that's optimism. there you go. right now the dow jones industrial average is higher by 72 points. 12,950. the nasdaq is also in positive territory by about 11 points. the s&p 500, and you can see the same intraday pattern all three sessions, moving higher into the close. higher by 5.5 points. should investors believe in a rally solely based on encouraging comments? >> in today's "closing bell" exchan exchange, we discuss that. michael, i'll begin with you. the gyrations in this market are extrord their. one guy speaks in d.c., the market goes down. somebody else speaks, the market goes up. how do you play this? >> well, we're about 50% cash. i think
's re-election. >>> and will washington finally rise above all the political bickering to fix that fiscal cliff? it's all ahead coming up on the "closing bell." stay with us. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ ♪ when you take a closer look... the best schools in the world... see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... they can inspire our students. let's solve this. to a currency market for everyone. the potential of fxcm unlocked. nyse euronext. unlocking the world's potential. the potential of yelp unlocked. nyse euronext. unlocking the world's potential. >>> welcome back. a little over 45 minutes left on the trading session. time for a quick market stat check on th
in washington don't get together and actually act like grown-ups, we're in big trouble. >>> hi, everybody. time to rise above and keep the country from enduring a self-inflicted crisis. we're here today. i'm maria bartiromo coming to you live from the schwab impact conference in chicago. welcome to the "closing bell." we enter the final stretch for the markets today. everybody here is focused on the fiscal cliff. coming up, i will talk to allen simpson and erskine bowles in an interview you cannot afford to miss. hope you join us 4:00 p.m. eastern. the co-founders of the fix the debt campaign, which many corporate leaders are backing. they'll tell us how they think washington can come together and reach a deal, bill. >> sure would be great to figure that out. maria, looking forward to that. i'm bill griffeth here at the new york stock exchange. markets continue to feel the sting of the uncertainty surrounding the fiscal cliff crisis. look at the dow, for example. it can't decide whether to go higher or lower today. it's been zigging and zaging all session today. down 42 points. that's about the
bartiromo will be back tomorrow. more hopes washington can get together on the fiscal cliff. >> posting our biggest gains, sitting near the highs of the session right now with the dow up almost 180 points. 104% gain at 12,767. nasdaq doing very well today. apple leading the charge higher, at 2906 on the composite. a lot of traders are watching the s&p today as it gets back above the 200-day moving average at 1383. markets rallying out of the gate. haven't looked back since the open. is it really because there are signs that lawmakers are at least trying to rise above and make a deal on the fiscal cliff? >> maybe. in today's "closing bell exchange ", mark, gene and our own rick santelli. art, let me start with you. is this a rise above rally? does it look like we might get a deal? >> we've been rising above the levels we've been at. no question about that. traders felt reassured coming in this morning. washington is a ghost town. the president's out of country -- >> those are good things. >> congress is not coming back until next week. no one will go before the cameras and jeopardize the cli
has this kind of a selloff when we get words out of washington today. what do you make of this? who's right on the fiscal cliff right now? >> well, i think that -- >> steven gilfoil. >> the consumer isn't paying that much attention to this. the regular american doesn't watch the financial news. he isn't reading the kinds of papers we read. and he's less concerned with this. >> should they be? >> they probably should be, but investors are more concerned with corporate news, with macroeconomic news. the senator made a statement today. you would expect some kind of posturing this week. we're still 30 days out or so. they don't really have to cut a deal yet. they have to look like they're fighting for what they want to fight for, yet please the constituents. they're probably going to put that off for a couple weeks. >> it's the other way around. washington should be paying attention to the consumer and realize how much is the stake here. when you look at the consumer confidence levels able to hold up. when you look at the retail sales numbers pensimentioned by and the idea we've stabili
on a sour note. then we did get that little bit of hope that maybe our leaders in washington can be reasonable with each other. the major averages have had a rough week. it's even worse since the election, down about 5%. >> john, i would like to kick this off with you. what is, first of all, the latest in washington? >> mandy, bill used the word hope a moment ago. everybody since the election has been hoping that washington, both parties, white house and congress, can find some way to work together. that was the tone the president struck when he gathered the bipartisan leadership of congress at the white house this morning. >> my hope is that this is going to be the beginning of a fruitful process where we're able to come to an agreement that will reduce our deficit in a balanced way, that we will deal with some of these long-term impediments to growth, and we're also going to be focusing on making sure that middle class families are able to get ahead. >> and nobody, including the president, could fail to have been encouraged by the tone that was struck by all four members of the
adviser larry summers reacts to the standoff in washington over the looming fiscal cliff. >> it could be the year we begin to solve our debt through tax reform and entitlement reform. >> we're serious about reducing the deficit. we have to combine spending cuts with revenue. that means asking the wealthiest americans to pay a little more in taxes. >> can a deal get done before the january 1st dead line? hear what he thinks straight ahead. >>> then, jpmorgan chief jamie dimon talks about the market's post-election volatility and how he thinks they'll react if the government doesn't get the nation's fiscal house in order. >>> plus, we get the state of business at jpmorgan since the london whale trading debacle. >>> and remember the business own who are threatened to fire workers if the president was re-elected? >> he's going prevent us from expa expanding, prevent us from growing. it's going to make my life miss able. >> well, now he's given his workers raises instead. why the change of heart? he's here in another first on cnbc interview. that's all ahead on this very special edition of
he's fleeing to belgium. tomorrow, i will be live in washington, d.c. "closing bell" is next. >>> hi, everybody. we enter the final stretch. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. >> minor gains once again. i'm bill griffeth. other stories we're following, the white house and big labor have been meeting on the fiscal cliff today. taxing the rich, certainly a big topic of discussion. then tomorrow business leaders will have their say. the president will have the latest on that coming up. >> two big and exclusive interviews coming up. cisco ceo coming with me on the show as soon as earnings come out. that will be at the top of the next hour. and nyse ceo with us giving us an update two weeks after sandy historically closed sandy for two days. >> still a miracle they got things open when they did. we're oall following the latest in the general petraeus scandal. unbelievable twists, even today. we have a roreport from washington. then, more on how this story is shedding light on how anything you write can be accessed. pretty scary stuff
to the retailers' bottom line? >>> plus, the bear truth. can the markets trust washington after conciliatory gestures from president obama and house speaker john boehner towards solving the nation's fiscal mess? >> we're ready to be led. not as democrats or republicans, but as americans. >> our good old-fashioned bull/bear debate is straight ahead. >>> and deconstructing disney. it's a first-on interview with the magic kingdom's chief bob iger, and his thoughts on earnings and the multibillion dollar deal for lucasfilm. >> it will be a day long remembered. >> that's all ahead on the "closing bell." ♪ ♪ ♪ [ male announcer ] some day, your life will flash before your eyes. ♪ make it worth watching. ♪ the new 2013 lexus ls. an entirely new pursuit. >>> this just occurred to me this morning. do you know that thanksgiving is two weeks from today? >> man. >> it's all upon us. if you're already dreading spending all day with your extended family, fear not. walmart is coming to the rescue. it's announcing it's going to open its doors at 8:00 p.m. >> how is that going to fly with your famil
you protect your for portfolio? we have chief washington correspondent john harwood, bill from coors state capital advisers who has a review of the new "lincoln" movie, lee munson and senior economics reporter steve liesman, plus mary thompson. we're going to be here for a while. john, let's start with you. any signs of progress on the hill? >> reporter: nothing tangible. we saw it at the initial meeting between the president and congressional leaders. we saw it over the weekend when some republicans again repeated their openness to being willing to raise taxes, which is something that is violated republican orthodoxy. here is jay carney just a few minutes ago in reaction to those comments. >> some of the comments you mentioned are welcome. and they represent what we hope is a difference in tone and approach to these problems and a recognition that a balanced approach to deficit reduction is the right approach. it's the one most beneficial for our economy. >> reporter: the president's trying to take advantage of that different tone. he talked to speaker boehner over the weekend by te
've been talking about? we'll have the latest on the fiscal cliff fiasco coming out of washington. >> will america soon be the new saudi arabia when it comes to oil? it's not science fixction. it's happening quicker than what you might think. what will it do to gas prices at the pump? >> it is very good stuff. right now the markets hoping to start the week off on a positive note after that rough go since the election last week. the dow up just 12 points. again, very light volume. no bond trading today because of the veterans day holiday. not a lot of direction for the markets today. up a point and change for nasdaq. at 2906. apple and microsoft sort of impacting the market today. the s&p 500 is up 1 1/2 points at 1381. less than an hour to go, let's talk with stocks in the green. can we manage to kick off the week in a positive note after last week's big losses? uncertainty over the resolution of the fiscal cliff is going to see for the foreseeable future, until the end of the year, as investors weigh what to do about that. what is the investor to do now that the markets get out o
to happen. i think they're going to punt. i don't think anybody in washington, d.c. has the meatballs or spaghetti to care about cutting our debt and deficits. you know, the only thing that separates the two parties is the democrats supposedly wanted to raise tax rates and the republicans want to raise the effective tax rate. so what's the hysteria about? there's no -- there shouldn't be any hysteria about the fiscal cliff. look, our deficit for fiscal october, the month, one month, was $120 billion. for one month. that's 22% higher than it was last year. that's the real fiscal cliff, not this rouge we're worried about. >> you know, we heard from the president now for the first time. it seems like the president is digging in. everybody of's digging in. it feels like a dÉjÀ vu to me. i'm hoping we get a compromise, but are we still talking about ideologies that are leading things? are we ever going to get an agreement? do we just go over it? what are the implications? >> who's that to? >> rick santelli. >> well, listen, i never was a believer that after this president won a second te
the cease fire now announced between israel and hamas. if there isn't peace in washington on avoiding a fiscal cliff, will these gains go away in a hurry? >> joining us now, rich bernstein, cnbc contributor, anthony chan, and our own bob posani. bob, so far we've seen, what, trade on two things, right? the middle east and fiscal cliff this week. make sense of it. >> right now this week shows we're up 2% right across the board. we're in the honeymoon period between congress and wall street about fiscal cliff. they think a deal can be done. most of the traders feel we've got until about the week of december 10th to show progress. after that, markets will start turning south. congress holds the keys to a good part of the gdp next year. if we get a decent deal on the fiscal cliff, a moderate agreement, we'll be at 2, 2.5% gdp growth. if we go over the fiscal cliff, we go probably 0% gdp growth and i'm sure that earnings will go negative. think about it. >> i think there's no question that if the federal reserve can't sort of make the economy grow fast we are about a 1% negative head wind,
parties. >> eamon javers in washington has the latest details here. >> hi, bill. yesterday i was in an empty hallway here on capitol hill. today we have an empty stairway here. just a couple tour groups up here. otherwise, it's pretty dead here. that's because most lawmakers are already home for thanksgiving break here in washington. the staffers who are here have come up. it's a relaxed day. behind the scenes, we're getting information that we're seeing some movement within the republican party in terms of the grover norquist anti-tax pledge. a couple prominent lawmakers have said that they don't necessarily any longer agree with the pledge that they themselves signed. some of those lawmakers include senator john mccain of arizona, tom coburn of oklahoma, and senator lindsay graham. take a look at this quote. this is what lindsay graham told his hometown newspaper just yesterday. he said, i signed it, meaning the pledge, in 2002. i'm not signing anymore pledges. i'm just going to take an oath to the constitution. i ain't signing no more pledges. that's what lindsay graham sa
and the reactions in washington. over to you, eamon. >> hi, guys. we got a lot going on here in washington this week. a lot of horse trading. we dealt with a lot of the spee speech. the white house is saying they'd like to see $1.6 trillion in tax increases up front here. they'd like to continue the payroll tax credit. they want a permanent increase in the debt limit and a one-year extension of expanded jobless benefits. they want at least $50 billion in spending as a stimulus to the economy. that was the white house ask that prompted that laugh from mitch mcconnell when tim geithner gave it to him yesterday. today in an interview with "the wall street journal," mcconnell floated his own balloon of what he'd like to see. here are some of the elements. mcconnell saying they want changes to entitlement eligibility. they would agree to more tax revenue, yes, but not higher rates. only if they get the revenue through changing deductions and other things like that. they say the white house is almost comical here. the key is means testing of these entitlement programs and age extensions for retirement, pa
. the flash pmi out of china so you had some -- they do want to have concrete news come out of the washington, d.c., whether they get that greek deal, very, very carefully to see how strong this rebound that we're seeing in housing, the recoveries we're seeing in housing. >>> bottom line for both of you, end of the year, will we be higher or lower? >> higher buys, the economy is showing some signs of recovery, a catalyst for higher prices. >> i think you could see some downward pressure, because of people taking profits, getting the capital gains. also, as you look at profits for next year, if our number is true, mandy, if the profits will be lower next year, then you want to take some money off the table. stay with your technology, with your health care, stay with defensive stocks. >> you still like apple? >> we love apple. we think it can get back to 7350. but china, ipad, iphone, those will be -- >> a good week this week. thank you get to the mood as well, with your candy striped tie. >> look at those numbers, two for the lottery. >>> about ten minutes left, only a half trading day. the ra
is better able to turn out the vote. chief washington correspondent john harwood is at a phone bank where union members supporting the president are working hard to increase that turnout. this is critical, john. >> reporter: maria, this is the critical effort of this last four days of the election. the candidates are flying around. they're delivering their messages. tv ads are on the air. most aftof that messaging has already had its impact. now it's about both sides trying to mobilize the vote, especially in the eight or nine key states. here in this call center, they're working from 10:00 in the morning into the evening every day. they're phoning into the state of virginia right now with 13 electoral votes. that's a swing state barack obama carried four years ago that mitt romney wants to take away from him. business and other groups allied with the republican campaign are doing the same thing. the u.s. chamber of commerce, though they didn't want us to have a camera in their phone banks, say they're also making millions of calls this weekend. everyone is trying to goose the turnout. th
that matters. >> yes, it is, maria. our chief washington correspondent and birthday boy, john harwood is following the candidates' last-minute moves. happy birthday. >> thank you, guys. it is the only poll that matters tomorrow but we have a lot of other polls, which don't matter, which are giving us signals of where the candidates are and why they're going to those states. crisscrossing the battlegrounds, ohio, wisconsin, colorado, the candidates are all there. if you look at our nbc/wall street poll, 47-48 obama. look at the battle of the swing states, of the nine swing states, only in two does mitt romney have a lead in the real clear politics average of polls. that's north carolina and florida. all the others, iowa, colorado, new hampshire, ohio, the rest of that set of battle ground states are all leading for obama. now, many of them are close, but if mitt romney only carries florida and north carolina among those battleground states, he's only 235 electoral votes. what he has to do is put together in this final sprint victories in states like virginia, like in ohio, like wiscons
, which is kind of what's happened in the past in washington, i think you avert the catastrophe that many people are talking about. look, i think the rally today also is another thing. you're going to have certainty tomorrow. you may not like who wins. but you're going to know what the outcome is, and you're going to know how to plan for your business. businesses have argued they don't like president obama, but they'll know tomorrow whether he's going to be the president or not. they'll know how to plan. >> one of the bottlenecks for the economy has been the lack of capital spending, capital expenditures by corporations. they're sitting on a lot of cash. does it matter who wins for them? will they start spending no matter who takes the white house or the house and the senate? >> well, i think the answer is what i just said before. you're going to have more certainty tomorrow. you may not like the policies put in place, but you will know what's going on. i think that is a major improvement over where we are yesterday as to where we'll be tomorrow. i think that's one of the reasons why the
Search Results 0 to 19 of about 20